IREN's Landmark Microsoft AI Cloud Deal Sets New Milestone for Shareholders

Microsoft has signed a $9.7 billion agreement with IREN Limited for access to Nvidia GB300 GPUs, supported by a $5.8 billion procurement agreement with Dell Technologies. This highlights IREN's shift from cryptocurrency mining to AI cloud infrastructure and positions the company as a significant partner for global tech leaders. The deal solidifies IREN's largest short-term catalyst, AI infrastructure demand, but also intensifies the risk profile if capital expenditures outpace cash flows and financing flexibility.